Toyota shareholders sue over stock price drop |
-64 |
2010-03-21 00:00:00 |
In the lawsuits, the shareholders are asking a judge to certify a "class" of plaintiffs that would represent all Toyota shareholders who held company stock on specific dates.
In trading on the Tokyo Stock Exchange, Toyota shares also have lost nearly 17% of their value since Jan. 21.
Despite those successes for investors, Toyota would probably fight any settlement because investor class-action cases are notoriously difficult to win, Cox said.
MIAMI (AP) Toyota shareholders incensed over a sudden drop in the Japanese automaker's stock price are heading to court with lawsuits claiming company executives deliberately misled investors and the public about the depth of accelerator problems in millions of its vehicles.
All three investors filed sworn statements that they did not buy the shares as an excuse to sue the company. |
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{} |
57 |
Prosecutors, not regulators, are the new enforcers of automotive safety |
-82 |
2015-09-17 00:00:00 |
“GM killed over 100 people by knowingly putting a defective ignition switch into over 1 million vehicles.
“The mistakes that led to the ignition switch recall should never have happened.
As with the Toyota case, regulators and prosecutors talked tough in announcing the GM settlement Thursday.
The automaker knew about the ignition switch problem for more than a decade before starting to recall the cars.
“It's not always possible to bring a case.” The settlement agreement involves GM's handling of about 2.6 million vehicles recalled for ignition switch failures last year. |
TM |
{"Jerry Hirsch","Los Angeles Times"} |
89 |
Toyota fined $17.35 million for U.S. floormat recall delay |
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2012-12-18 17:44:51+00 |
Certain unintended acceleration claims made against some models caused a worldwide recall of nearly 19 million vehicles from late 2009 to early 2011.
(r.reuters.com/ceh74t)This year's recall followed a string of damaging safety recalls from Toyota, the world's top automaker, since 2009.
BUMPY RIDEThe penalties come a month after Toyota said it would recall about 2.77 million vehicles worldwide, including some of its popular Prius hybrid cars, for steering and water pump problems.
Toyota announced a recall of 154,036 2010 Lexus RX 350 and RX 450h vehicles in June to address a risk that a loose floormat could force down the accelerator pedal.
Toyota advised the safety agency a month later that it was aware of 63 alleged incidents and said it would launch the recall. |
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{"Bijoy Anandoth Koyitty"} |
94 |
UPDATE 1-U.S. Justice Dept questions JPMorgan over auto lending practices |
-8 |
2015-02-24 22:37:34+00 |
(Adds background)By Peter RudegeairNEW YORK Feb 24 JPMorgan Chase & Co said on Tuesday the bank has been questioned by the U.S. Department of Justice over auto lending practices that possibly resulted in discrimination.
Ally settled an investigation into similar discriminatory lending practices with the Justice Department and the U.S. Consumer Financial Protection Bureau in December 2013 for $98 million.
The examinations into auto loan bias were unrelated to the Justice Department's investigation into subprime auto lending, an area that federal prosecutors are focusing on more as their probes into mortgage bonds come to a close.
Toyota Motor Credit Corp said in December that it faced an enforcement action from U.S. authorities over whether auto loans it offered through dealerships violated fair lending laws.
JPMorgan is the fifth-largest U.S. auto lender behind Ally Financial Inc, Wells Fargo & Co, Toyota Motor Corp's in-house lending arm and Capital One Financial Corp, according to Experian Automotive. |
TM |
{"Reuters Editorial"} |
148 |
Toyota sued over deaths in key California crash |
-30 |
2010-03-04 13:59:42+00 |
The Transportation Department has said that complaints of unintended acceleration in Toyota and Lexus vehicles are linked with more than 50 U.S. crash deaths under investigation over the past decade.
The Bank of Japan building is reflected on Toyota Motor Corp's Prius hybrid car in Tokyo February 18, 2010.
But the accident report said "other avenues of unintended acceleration could not be explored," mechanical or electrical, due to catastrophic damage to the vehicle.
Toyota has recalled more than 5 million vehicles in the United States for slipping floor mats.
The lawsuit, filed on Tuesday in San Diego Superior Court, was the latest in a wave of product-liability cases and other legal action brought against Toyota Motor Corp over complaints of sudden, unintended acceleration in its vehicles. |
TM |
{"Reuters Editorial"} |
472 |
Toyota sued in California by U.S. shareholders |
-43 |
2010-02-09 15:29:21+00 |
The bulk of some 103,000 model-year 2010 Prius cars sold in the United States are in California, Warshaw said.
A class-action suit filed on Monday on behalf of U.S. shareholders accuses Toyota Motor Corp of issuing "materially false and misleading statements" about its "operations, its business and financial results and outlook.
The Prius case is Miller vs. Toyota Motor Sales, USA et al, Superior Court of the State of California for the County of Los Angeles, No.
"The suit covers buyers of publicly traded Toyota stock, including American Depositary Shares, between August 4, 2009, and February 2, 2010.
"Warshaw said he brought the suit in California because the state has some of the nation's toughest consumer protection laws and because Toyota's U.S. operations are based there. |
TM |
{"Reuters Editorial"} |
473 |
Judge puts Toyota on probation for three years |
-17 |
2014-03-20 00:00:00 |
Toyota admits it deceived regulators about sticky accelerators and floor mats that can jam under pedals.
Toyota has also paid two $16.4 million fines for delays in reporting and another $17.3 million related to another mat recall.
U.S. District Judge William Pauley III referred to Toyota as having created a "reprehensible picture of corporate misconduct" in the way it handled the cases, the Associated Press reports.
Toyota representatives examine a crashed Toyota Prius, in which it wsa alleged that unintended acceleration might have played a role in the accident (Photo: Stephen Chernin AP)A federal judge in New York accepted for the $1.2-billion penalty that ends the criminal investigation of Toyota over sudden acceleration in its vehicles and, in essence, put the company on three-year probation.
As part of the "deferred prosecution agreement," Toyota will be closely watched until March, 2017. |
TM |
{"Edt March","P M","Chris Woodyard"} |
571 |
Will the Toyota Litigation Make a Star Out of Eric Snyder? |
-12 |
2010-05-14 00:00:00 |
Also named to various committees were Houston attorney Mark Lanier, New York attorney Jayne Conroy, Wisconsin attorney Donald H. Slavik and Louisiana attorney Richard Arsenault, to name a few.
The law firm of West Virginia lawyer Benjamin Bailey, where Eric Snyder (discussed below) hangs his hat, made the cut.
There’s Mark Robinson who took on Ford for its fiery Pintos decades ago.
Update: On Friday, Santa Ana, Calif., federal judge James V. Selna picked the legal team to represent plaintiffs in the sudden-acceleration litigation against Toyota.
—–In the sudden-acceleration litigation against Toyota, you can’t swing a gavel without knocking into a big gun plaintiff attorney whose has national notoriety. |
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{"Dionne Searcey","Dionne Searcey Wsj Com"} |
597 |
Feds look at new Toyota acceleration claims |
-28 |
2014-09-29 00:00:00 |
STORY: Rhode Island man demands Toyota probeNHTSA says its records show similar complaints involving 2011 - 2013 Corollas.
He alleges Toyota might be "concealing a safety issue and making misleading statements.
(Photo: Toyota)Federal safety regulators, responding to a complaint from a Rhode Island man, are probing whether to open an official investigation into new allegations of unintended acceleration in Toyotas.
Charges of unintended acceleration are a sore point at Toyota, which paid a fine of $1.2 billion earlier this year for failing to disclose such problems.
The man petitioned NHTSA after his wife hit a parked car driving the couple's 2010 Corolla. |
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{"James R","Edt September","P M"} |
631 |
Toyota to settle Justice Department probe over unintended acceleration |
-22 |
2014-03-18 00:00:00 |
"The Justice Department didn't comment on the planned announcement.
"Toyota has cooperated with the U.S. attorney's office in this matter for more than four years," a Toyota spokeswoman said.
Under the settlement, Toyota is expected to avoid criminal charges and is expected to pay about $1 billion, those familiar with the agreement said.
Toyota recalled millions of cars in 2009-10, after years of doing little beyond changing floor mats in response to complaints to federal auto safety regulators about acceleration problems in popular models.
Toyota has settled similar allegations in agreements with a group of states, and has also paid settlements to some Toyota car owners. |
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{"Evan Perez","Shimon Prokupecz"} |
632 |
Unintended acceleration: How drivers can avoid it |
-27 |
2011-02-11 00:00:00 |
NEW YORK (CNNMoney) -- The number one cause of unintended acceleration isn't problem cars, it's problem drivers.
There is one step that could be taken that would stop most cases of unintended acceleration, Champion said.
Drivers hit the gas insteadThe Department of Transportation, headed by Ray LaHood, worked with scientists at space agency NASA to study the issue of unintended acceleration in Toyota cars.
Following a rash of unintended acceleration reports about Audi cars in the 1980s, safety features were adopted by most automakers to make the problem less likely.
This at least prevents drivers from starting the car while it's in gear, once a common cause of unintended take-offs. |
TM |
{"Senior Writer","Peter Valdes-dapena"} |
633 |
Toyota and Nissan to Drop Takata as Supplier of Airbag Inflaters |
-33 |
2015-11-07 00:00:00 |
Steve Yaeger, a spokesman for Nissan, said that Japanese automaker would also halt its use of Takata’s inflaters.
On Friday, Nissan and Toyota dropped Takata as an airbag supplier after a similar move by Honda on Tuesday.
Toyota makes about 10 million vehicles a year, more than double Honda’s production, but it buys fewer Takata airbags.
The ammonium nitrate can destabilize, in extreme cases causing the device to explode and send metal fragments into the vehicle.
Mr. Toyoda said Toyota would not rule out buying inflaters from Takata if it changed the design. |
TM |
{"Jonathan Soble","Hiroko Tabuchi"} |
699 |
Toyota Unshackled as Abe Drives Japanese Yen Back to 100 |
-14 |
2013-05-10 00:00:00 |
Then the subprime-mortgage crisis hit and the yen never reached 100 again, except for a one-week period in 2009, when the Japanese currency fluctuated between 100 and 101.
Toyota Motor Corp.’s half-decade of fighting the yen is over, at least for now.
Japanese automakers sought to cope with the appreciating yen by shifting production overseas.
Toyota City-based Toyota, the nation’s biggest company, has added more than $100 billion in market value since the yen began sliding in mid-November, when Prime Minister Shinzo Abe, then running for office, began his campaign to weaken the yen and end 15 years of deflation.
BankruptciesWhen the yen was weaker than 100 five years ago, Toyota was earning almost triple Volkswagen’s net income and almost nine times Seoul-based Hyundai. |
TM |
{"Masatsugu Horie","Ma Jie"} |
773 |
Toyota Accused of Concealing Evidence in Rollover Lawsuits |
-57 |
2009-08-31 00:00:00 |
In the suit Mr. Biller cited several specific suits in which Toyota was ordered to turn over documents and failed to comply.
Mr. Biller joined Toyota in 2003, leaving a California law firm where he was a partner.
Mr. Biller responded that he was not bound by that promise because the information he was disclosing involved crimes.
For example, Mr. Biller said Toyota concealed the existence of a rollover test that required about two inches of space between the roof and the head of a dummy after the test.
Mr. Biller could not be reached for comment. |
TM |
{"Christopher Jensen","Robert Levine","Akiva Feinstein","Joel Gilberg"} |
873 |
Safety agency studying Toyota acceleration problem |
-23 |
2014-09-29 00:00:00 |
A U.S. safety agency is looking into a consumer's petition alleging that older Toyota Corollas can accelerate unexpectedly at low speeds and cause crashes.
It also paid fines totaling $66 million to the U.S. government for delays in reporting unintended acceleration problems.
The agency will decide whether to open a formal investigation into the problem.
The inquiry by the National Highway Traffic Safety Administration covers about 1.69 million of the Corolla compact cars from the 2006 to 2010 model years.
Toyota is under pressure to announce recalls quickly after a U.S. government investigation found it hid information about past defects. |
TM |
{"Los Angeles Times"} |
630 |
U.S. Justice Dept questions JPMorgan over auto lending practices |
-8 |
2015-02-24 23:17:35+00 |
NEW YORK JPMorgan Chase & Co (JPM.N) said on Tuesday the bank has been questioned by the U.S. Department of Justice over auto lending practices that possibly resulted in discrimination.
Ally settled an investigation into similar discriminatory lending practices with the Justice Department and the U.S. Consumer Financial Protection Bureau in December 2013 for $98 million.
The examinations into auto loan bias were unrelated to the Justice Department's investigation into subprime auto lending, an area that federal prosecutors are focusing on more as their probes into mortgage bonds come to a close.
Toyota Motor Credit Corp TOYOM.UL said in December that it faced an enforcement action from U.S. authorities over whether auto loans it offered through dealerships violated fair lending laws.
JPMorgan is the fifth-largest U.S. auto lender behind Ally Financial Inc (ALLY.N), Wells Fargo & Co (WFC.N), Toyota Motor Corp's (7203.T) in-house lending arm and Capital One Financial Corp (COF.N), according to Experian Automotive. |
TM |
{"Peter Rudegeair"} |
147 |
NASA to help on Toyota probe |
-31 |
2010-03-30 11:06:09+00 |
Nine NASA scientists would bring expertise in electronics, eletromagnetic interference, software integrity and complex problem solving to the Toyota review, Transportation Department officials said.
REUTERS/Kim Kyung-HoonWASHINGTON U.S. auto safety regulators are turning to scientists from the NASA space and aeronautics agency for help analyzing Toyota electronic throttles to see if they are behind unintended acceleration, Transportation Secretary Ray LaHood said.
As part of the Toyota review, NHTSA has purchased the Lexus ES 350 once owned by a Tennessee woman whose testimony before Congress personalized allegations of unintended acceleration.
We've heard that they may have some influence," LaHood said of his decision to ask NASA to help.
A Toyota Motor Corp car is seen inside the environment testing chamber during a quality control demonstration at its headquarters in Toyota, central Japan, March 30, 2010. |
TM |
{"Reuters Editorial"} |
629 |